Common use of Vested Restricted Shares Clause in Contracts

Vested Restricted Shares. Award Value: · One-third of the total targeted annual grant value will be provided in time-based RSA’s. · The grant value will be determined by calculating the total equity grant value [(2015 base salary x LTI target as % of 2015 base salary) then dividing by three]. · Share count is based on the grant value divided by grant date closing stock price on 12/31/2014. Vesting: · RSA’s xxxx xxxxx vest three years from date of grant. · These shares are not subject to performance contingencies and will be earned by the recipient by continued employment through the vesting period.

Vested Restricted Shares. Award Value: · One-third (1/3) of the grant date value of total targeted annual LTI grant value will be provided in time-based RSA’s. · The grant value will be determined by calculating the total equity grant value [(2015 base salary x LTI target as % number of 2015 base salary) then dividing by three]. · Share count shares is based on the grant value divided by calculated as: Target estimated grant date value of total LTI grant ÷ 3 ÷ the closing stock price on 12/31/2014May 31, 2017, rounded down to the nearest full share. Vesting: · One-third (1/3) of RSA’s xxxx xxxxx will vest on each of the first three years from anniversaries of the date of grant. · These shares are not subject to performance contingencies and will be earned by the recipient by continued employment through the vesting period.